Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1887-03-08

in time with persons who understand
matters of this kind the court might
have placed all bonds on an equality.
But it is too late now. If the court
breaks faith and Injuries the Amman
bonds in order to make speculation
for the Baker bonds, then this breach
of faith will so shake confidence that
the market will refuse to take a JEFF
ferson county security unless at dis
count, and the result will be that the
Baker bonds will lose much more than
they can expect to gain.
Be it remembered this county does
not lose anything because the Amman
bonds sell higher than the Baker
bonds. The county does not lose
anything because the Baker bonds
fail to make speculation. II is
likely Amman will make some clear
money, but the very people who now
begrudge him this money had an OPP
portunity to make it which they neg
lected to utilize. We have no pa
thence with that whining which is al
ways heard when anybody makes a
little money.
WAS THERE AN OVER Issue?
This question is not in any wise
connected with the question OF carry
ing out the bargain made with Amman,
but it is a matter of sufficient public
interest to be published.
The county issued in
six per cents. S2l9OO.UO
Baker called in us
AGENT for the county SlO3.4OO
He called in rs SHERIFF 10000
Amman called in ... 100. 500. 90 S22S 400. 90
The amount of six per
cents which ought to
be outstanding 49,. s1S, 10000
As seen above. Baker paid interest
on six per cents redeemed ....... 4,194.79
per cents. Observation-Disclosures. 1881
Balance of interest paid out of five
per cents which ought to have
been paid ont of county levy. 3003.2 IS
Add coupons paid by Baker on
bonds not redeemed ............- 400. 60
penses 54l.37
Add cash turned over by Baker to
hands ................ 5.495.35
County levy which ought to have
been applied to the intcrest...... S13, 500. 60
Baker issued five per cents Sll6.9O0
AS AGENT he called in six
per cents. ............. jU34Uo
Difference ............. S13.5O0
But, to figure this another way:
There were issued of six per cents. e241 900
Baker paid as SHERIFF. 1900
Remaining six per cents converti-
BILE into five per cents. ........ S237.4cO
Baker issued five per cents. sl16.0o0
Amman =. - {! &. 100 500 2S7. 400
But there are now outstanding S14,-
100 of six per cents and there are no
five per cents to take them in. In
order to meet these outstanding six
per cents the court must now pay
back to the interest fund the money
which was levied for interest but was
used to pay orders on the Sheriff.
1t has done so.
As seen above Baker turned over to
AMMAN IS, 495 IS and so inter-
AMMAN has county order for. 500. 5000 90
To take up the outstanding $4,000
six per cents Aunan has in hand. 5l@ .537. 81
TO offset this order on the sheriff,
the b. & o. owes taxes for six years.
over SIS, 900.
When the county court first COM
menced to issue the bonds in '72, the
whole S25O,OOO were placed in the
hands of Osburn, BillmYer and
as commissioners
They were to issue the bonds as the
road was built. A dispute arose as TO
the amount which had been earned
and, we understand, SO, 100 were re-
tanned to abide the litigation. There
is now in the county clerks office a
tin box which is supposed to contain
IS, 100 of bonds. This box ought to
he opened and the bonds counted
If there are IS, 100 in that box, this
business seems in better shape than
could be expected under the circum-
stances. But the bonds in that box
ought to be taken better care of. The
Clerks Office is too public place to
keep them.
The above is all we have been able
to ascertain respecting this matter,
and the experience of Jefferson ought
to serve as warming to other coun-
ties not TO make subscriptions to rail-
roads. We have paid very dearly for